This month, customers of at least five major Spanish banks are in for an unpleasant surprise: the introduction of commissions for servicing their accounts. This may lead to additional costs for those customers who do not meet certain conditions.
The banks involved are Banco Sabadell, BBVA, Unicaja, Banco Santander and ING.
Specific costs per bank
Banco Sabadell will charge up to €60 on March 24 for Cuenta Sabadell customers who do not meet the requirements. However, the Cuenta Online Sabadell remains free of commissions.
BBVA plans a commission of €40 on March 15 for customers of the Cuenta Nómina Va Contigo who do not comply with certain conditions. However, this does not apply to the Cuenta Online or the Cuenta Nómina Sin Comisiones.
Unicaja is preparing to ask for €30 from customers of the Plan Cero Comisiones who do not meet their requirements.
Banco Santander will keep up to €20 for the maintenance of the Cuenta Santander for those who do not meet all the requirements. The Cuenta Online Santander is also exempt from this commission at this bank.
ING charges a monthly commission of €3 for the Cuenta Nómina for customers who do not meet the requirements. Alternatively, this bank offers the option to close the account and open a Cuenta NoCuenta. It is free and without conditions, but offers fewer benefits.
Are these charges legal?
Banks have the right to set commissions for each service provided. However, the condition is that these are included in the rate book. In addition, the terms and conditions must be communicated to the customer at least two months before any change. Customers also have the right to file a complaint if they feel that the bank has not met the established guidelines.
How to avoid high banking commissions
To avoid banking commissions, customers can meet certain requirements. This often includes direct debiting of income, automatic payment of bills and use of their card for payments. Customers are also sometimes rewarded with reduced commissions for purchasing additional products. Switching to another bank can also be an option to save if a bank charges fees for free services elsewhere.
Common banking commissions
The most common banking commissions include maintenance and administration and bank transfer fees. But money is also charged for overdrafts, for cash withdrawals from ATMs and for maintaining cards. Finally, many banks charge fees for using cards abroad.
Given the rise in inflation in Europe in recent months, banks have increased their commissions. It is therefore worthwhile for users to thoroughly read all the conditions. Especially because these commissions amount to €240 per year in some cases.
Also read: These are the most expensive and the cheapest Spanish banks
